People ask me all the time what the secret to success is or how to start a business. What they fail to ask me is how to save money the first year of business, which is very important. So, this said, below are three ways to save money your first year in business.
1. Don't have offices if at all possible. I mean cubical farms or inner-offices where people can close doors on one another. You should promote and open work space where everyone can look at, talk to and see what others are doing. This promotes less slacking off for your employees and also generates better communication skills and sales results.
2. Don't buy t-shirts and other branded items for customers or employees to wear or use outside the office. This is a huge waste of money. Make sure you are spending as little money as needed on things that are not actually needed. In other words, don't buy into the hype of owning a business. Know what you can and can't spend.
3. Don't listen to your customers. If you know what you have will sell, and it isn't selling, change your marketing strategy- not the product / services based on the opinions of those who aren't buying. Change your marketing, change your market, but don't change your entire product or services. You will find your customers, you just have to stay consistent with your branding.
Running a business is going to be one of the hardest, yet most rewarding, things you can do. Make sure you stay focused, on budget and strong.